24 Oct 2017
By Matt Clinch, CNBC
A surge in demand for digital currency in Zimbabwe has highlighted an interesting quirk in the trading of bitcoin, as well as the current economic woes the African country is facing.
“Zimbabwe panic sends bitcoin soaring over $6,000?” asked a report on one cryptocurrency website over the weekend. While the answer is clearly no — there’s not enough trade in Zimbabwe to impact the price — it does hint at two issues.
Firstly, Zimbabwe appears to be facing some serious currency concerns again.
After the hyperinflation of 2008, the country adopted the U.S. dollar as its own.
But a scarcity of greenbacks means a crisp new $100 bill can reportedly trade at a premium and is worth more than the digital dollars that people have in their bank accounts.
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